DISCOVERY PROVIDES FURTHER UPDATE ON COVID-19 RESPONSE
March 31 2020 - 7:00AM
Discovery Metals Corp. (TSX-V: DSV, OTCQX: DSVMF)
(“Discovery” or the “Company”) announces that it has temporarily
suspended all exploration activities at its Mexican operations due
to the increased health and safety risks associated with the
growing number of COVID-19 cases in the country. The Company has
put in place business continuity plans so that exploration activity
can quickly ramp up once it is deemed safe to do so.
The decision to suspend exploration activity is
also consistent with a published recommendation from the Mexican
Federal Government on March 24, 2020, that all non-essential
services be temporarily shut down until April 19, 2020, and also
takes into account the closure of local exploration support
businesses in response to COVID-19.
Discovery has already completed 48 holes
totaling 17,500 metres of its planned 30,000 – 35,000 metre Phase 1
drill program. The Company will provide ongoing exploration updates
for the 34 drill holes not previously press released once results
have been received and validated.
Taj Singh, President and CEO, states: “There
have not been any confirmed or suspected cases of COVID-19 at our
operations however we felt suspending exploration activity
temporarily was a prudent measure. We will do what we can to help
our local communities limit the impact of the virus as well as use
this period to evaluate the large amount of data collected to date
to further the significant progress we have already made on
understanding and defining the higher-grade zones at Cordero.”
The Company had a cash balance of approximately
CAD$24 million as at December 31, 2019.
About DiscoveryDiscovery Metals
Corp. (TSX-V: DSV, OTCQX: DSVMF) is a Canadian exploration and
development company headquartered in Toronto, Canada, and focused
on historic mining districts in Mexico. Discovery’s flagship is its
100%-owned Cordero silver project in Chihuahua State, Mexico. The
35,000-hectare property covers a large district that hosts the
announced resource as well as numerous exploration targets for bulk
tonnage diatreme-hosted, porphyry-style, and carbonate replacement
deposits. In addition, Discovery is also exploring multiple
high-grade carbonate replacement-style silver-zinc-lead showings in
a land package of approximately 150,000 hectares in Coahuila State,
Mexico. The land holdings contain numerous historical direct-ship
ore workings and significant underground development, but no
drill-testing has ever been carried out on them.
For further information contact:
Forbes Gemmell, CFAVP Corporate Development
& Investor
Relationsforbes.gemmell@dsvmetals.com416-613-9414
On Behalf of the Board of Directors,
Taj Singh, M.Eng, P.Eng, CPA,
President, Chief Executive Officer, and Director
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release is not for distribution to
United States newswire services or for dissemination in the United
States.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of any of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful, including any of the
securities in the United States of America. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the “1933 Act”) or any state securities
laws and may not be offered or sold within the United States or to,
or for account or benefit of, U.S. Persons (as defined in
Regulation S under the 1933 Act) unless registered under the 1933
Act and applicable state securities laws, or an exemption from such
registration requirements is available.
Cautionary Note Regarding Forward-Looking
Statements
This news release may include forward-looking
statements that are subject to inherent risks and uncertainties.
All statements within this news release, other than statements of
historical fact, are to be considered forward looking. Although
Discovery believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those described
in forward-looking statements. Factors that could cause actual
results to differ materially from those described in
forward-looking statements include fluctuations in market prices,
including metal prices, continued availability of capital and
financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove accurate
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. There can be no assurance that the Private
Placement will close on the announced terms. Discovery does not
assume any obligation to update any forward-looking statements
except as required under applicable laws.
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